Who sold it any in JSPL and
DLF
On
the day when CBI filed fresh charge sheet against JINDAL STEEL the stock
touched a multi-yearly low of 128 on Friday, it went back again to touch 170
odd now ruling at 145 around. There is no fundamental change in the view but
markets punished from 170 to 128 and again made a fresh buying/value hunting
and short covering from 128. The story is very similar with DLF fell from 135+
to 100 and bounced back to 150+ level a see-saw move on bad news. It is very
difficult to assess and come to a conclusion on these counters where the
promoter stake is high and volatility will be more. The story is very similar
to other high flying stocks
Similarly
in the COAL block cancellation all PSU banks especially PNB, BOB, Bank INDIA,
OBC, PFC, REC and Canara Bank took severe beating fell by close to 20-30%, but bounced
with vengeance. Now the headlines are covered with the restructuring of loans
and its impact on the banking system, again the roller coaster ride is on…
The
Nifty saw serious selling at 8550 level with rumours on P-notes and Insurance
bill pass to become difficult, the fundamentals are gaining to positive and to
bet on the economic revival is high. So the nifty may hold 8100-50 first
support and 7800-7840 second and third one at 748-7420 as we keep on rising the
bar. The waiting may take longer for participating in the markets in a big way.
The
momentum indicators are in favour of up move and B-Nifty is well placed. More
good news stored in for banks, SBI has very good support at 275-278 levels, and
similarly LIC Housing has support at 373-368 levels so until the break out of
such good support for now need to be taken as a bench mark for identifying
BULLs command over markets.
For
Today, as the day of expiry, the Nifty has resistance at 8511-14 and support at
8442-44 level. The volatility may not move the Bulls from buying the
FUTURE_RISING-stocks. The China stimulus may give boost to metal stocks and may
participate today.
The
Sun Pharma support at 833-35 and resistance above 848-52 needs to be closely
watched. The Gold import restrictions may hurt TITAN but the support at 360 is
good. The reality sector got good boost with the policy of increasing
construction area.
The
results of shipping companies are showing positive vibrancy, are coming out of
woods and they would do well in future.
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